Posted: Dec 28, 2023 9:00 PM Updated: Dec 28, 2023 1:23 PM
briefly
Parallel Labs today announced the launch of Parallel Network, its first layer 2 platform built on the Arbitrum Orbit chain.
Parallel Labs announced today that it plans to launch Parallel Network with the first Arbitrum Orbit chain on mainnet.
The strategic integration with Arbitrum Orbit aims to highlight Parallel Labs’ efforts to build a comprehensive parallel ecosystem that can integrate various DeFi and NFT protocols and integrate liquidity from various chains into a unified platform. Parallel Network focuses on ease of use and responsiveness with an intuitive design.
Powered by Arbitrum Orbit, the platform provides solutions for layer 2 and layer 3 deployments, facilitating user experience through scalability and efficiency while maintaining Ethereum’s strong security standards.
“Parallel Network supports cross-chain interoperability. Current Layer 2 blockchains introduce many inefficiencies, including the need for bridges, liquidity fragmentation, and multiple wallet overheads. This does not take into account that there will be hundreds of L2s in the future,” Yubo Ruan, CEO and founder of Parallel Finance, told Metaverse Post. “Parallel solves these problems with a unified, multi-chain margin account. It creates one wallet for all chains.”
Meet your needs for scalability and efficiency
In an evolving digital landscape, the demand for scalable, efficient, and user-friendly solutions has reached unprecedented levels.
Driven by surging interest in decentralized applications (dApps), the continued expansion of the Ethereum ecosystem, and existing liquidity distributed across multiple chains, Parallel Labs said it recognized the need for a new layer 2 solution. Parallel Network aims to provide a frictionless user experience by consolidating liquidity from various chains into a single, accessible space.
“L2 helps Ethereum scale and is cost-effective, but liquidity becomes increasingly decentralized. Users must first transfer liquidity to various chains through bridges and then manage multi-chain/multi-account liquidity. This is incredibly inefficient in terms of capital utilization and user experience,” said Yubo Ruan of Parallel Finance.
“Parallel solves this problem with an innovative broker account that enables automated user operations and helps users set up integrated multi-chain accounts. This results in a design for the everyday user with one account, instant liquidity, and across all chains,” he added.
At the core of the Parallel Network is Parallel’s DeFi and NFT super app encompassing trading, staking, lending, and more. This integration of UI/UX helps provide easy access to liquidity on any chain. Parallel’s products include prepaid gas, omnichain liquidity outpost, intent-driven execution, default rate of return on all assets, and enhanced privacy and security features.
“In addition to sponsoring basic parallel network transactions, users can also choose to pay for gas through the profits they earn after their intended transaction. Omnichain Liquidity Outpost will facilitate Parallel’s multi-chain liquidity, allowing users to freely transfer liquidity across each chain as well as allowing users to conveniently purchase tokens on any chain without exposure,” said Yubo of Parallel Finance. Ruan told Metaverse Post.
To experience the Parallel Network first-hand, Parallel Labs announced that interested users can participate in Parallel’s Early Access program, which will launch in January. This initiative exclusively offers a new blockchain experience, allowing users to deposit ERC-20 tokens and NFTs into the parallel network to earn base returns and parallel points.
“Parallel envisions a multi-chain future with hundreds of layer 2 networks serving a variety of markets and application scenarios. Unfortunately, it is unrealistic to assume that the average everyday user will need to use a new network for each use case,” said Yubo Ruan of Parallel Finance. “Parallel aims to solve this problem through innovative technology design and pool liquidity across all networks to improve capital efficiency and user experience.”
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Victor is the Managing Technology Editor/Writer at Metaverse Post and covers artificial intelligence, cryptography, data science, metaverse, and cybersecurity within the enterprise space. He boasts of five years of media and AI experience working at renowned media outlets such as VentureBeat, DatatechVibe, and Analytics India Magazine. Having worked as a media mentor at prestigious universities such as Oxford and USC, and holding a Master’s degree in Data Science and Analytics, Victor is committed to keeping up with new trends. He provides readers with the latest and most insightful stories from the world of technology and Web3.
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victor day
Victor is the Managing Technology Editor/Writer at Metaverse Post and covers artificial intelligence, cryptography, data science, metaverse, and cybersecurity within the enterprise space. He boasts of five years of media and AI experience working at renowned media outlets such as VentureBeat, DatatechVibe, and Analytics India Magazine. Having worked as a media mentor at prestigious universities such as Oxford and USC, and holding a Master’s degree in Data Science and Analytics, Victor is committed to keeping up with new trends. He provides readers with the latest and most insightful stories from the world of technology and Web3.